TechInAfrica – An Egyptian online medical and pharmaceutical platform, Yodawy, has announced that it has raised $1 million in Series-A funding led by Egypt’s Algebra Ventures, CVentures, and ASI Ventures. The platform allows consumers to order medications and personal care products from more than 2500 pharmacies available on the mobile app.
Yodawy was launched in 2018 and has grown ever since with operations in 30 cities in Egypt, without having access to venture capital. The app not only offers medications and personal care products but also allows consumers to access its medical insurance co-payment plan.
Co-Founder and CEO of Yodawy, Karim Khashaba said: “There is an incredible opportunity in the pharmacy benefits and claims processing space. It’s an established business model in different parts of the world, with no real solution in the region. Consumers and insurance companies alike are absolutely desperate for a better value proposition.”
Khashaba is a former consultant at Booz & Company. He was joined by CTO Sherief El Feky who is a veteran developer and CPO Yasser Abdel Gaward, a software architect with 12 years of experience in digital conversion marketing and product design across Europe and the Middle East.
“The region has come a long way, but we still believe very little is being done to address deeper infrastructure gaps. This is where Yodawy is looking to create real impact,” Khashaba added.
Speaking on their part, the Managing Partner at Algebra Venture, Karim Hussein commented: “With their vision, strategy and the outstanding progress Yodawy has been able to deliver outstanding results in their first year of operations.”
“Their clear go-to-market addresses fundamental problems experienced by pharmacies, insurance companies, and their respective customers, effectively adding significant value to all stakeholders. We look forward to helping the Founders achieve their vision and roll-out of additional innovative offerings,” CVentures Managing Director, Emad Fouad concluded.